Estimate (Management of Project)

See also: Estimate

In management of project, the Estimation has three significances:

Operation: Action to predict a size such as a physical characteristic, a performance or the cost and the duration of a task of a project, tries which can consist of the acquisition of a product. It is carried out starting from bench-mark data of known similar elements and descriptive data of the element to be estimated. This operation initially will lead to characteristics as the size, the speed or the power, which will be then used to estimate the costs and times. The figures obtained will make it possible, if one is the customer, to establish a Budget intended for the financing, and if one is supplier, to establish the commercial offer then the budget of the project.
Discipline, or function filled by the personnel which carries out the estimate, which he is the executant of the estimated task (more running), or by a affected Estimateur only with this function, with the center for example of a service figuring, or Bureau of the methods (in industry). This function is particularly requested upstream project, during the establishment of a budget or Invitation to tender, initially for the principal supplier, then for the subcontracts. It calls upon the following methods, which are often combined the ones with the others at the time of the operation of estimate:
: - Analytical (or Bottom-Up ): Is applicable only if the detailed characteristics are known. Heavy method but specifies and giving great capacities of analysis.
: - Analogical: Extrapolation starting from known values and of a parameter of transition such as size or capacity. Is an abstract alternative of the parametric method.
: - Judgment of expert: Fact call to the feeling of the expert who will generally apply the analogical method in an abstract way. To use only as a last resort.
: - Parametric: Based on models built starting from bench-mark data on which one launches analyzes of Régression. One then quickly obtains a figure starting from some parameters.
Result: Figure resulting from the operation of estimate, concerning one duration, a size such as size, or generally a cost. It will be in this case presented, in a more or less detailed way (of some pages for a budgetary evaluation to hundreds of pages for a budget of project), on an estimate which will lead, inter alia, with the commercial offer. As a budget of the project, it constitutes the reference with which will be compared the real expenditure, to determine the possible goings beyond.

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